JM AB Q2 Read-Across for Skanska

Research evidence excerpt

JM AB Q2 Read-Across for Skanska

EUROPE | Infrastructure

Skanska EquityJulyResearch10, 2026

FLASH NOTEJM AB Q2 Read-Across for Skanska

Momentum continues to improve for Swedish Resi, with JM calling out RATING BUY

"increasingly clearer signs of recovery" today, reporting an acceleration of PRICE SEK255.70^

starts and sales in Q2. Higher disposable income and reduced amortisation PRICE TARGET | % TO PT SEK303.00 | +18%

requirements "is beginning to have an impact", consistent with data we 52W HIGH-LOW SEK281.70 - SEK222.00

track around prices and sentiment here. JM expects gradual improvement FLOAT (%) | ADV MM (USD) 79.9% | 215.12

in 2026, assuming stable macro conditions. We see this as a positive read- MARKET CAP SEK106.0B | $10.9B

x for Skanska. Preview here. TICKER SKAB SS

^Prior trading day's closing price unless otherwise

noted.

JM 2Q26 - Regional Highlights

Group. The group reported 784 home sales in Q2, up YoY and down QoQ (vs. 920 in 1Q26, 433

in 2Q25). Housing starts were up at 679 (vs. 425 in 1Q26, 647 in 2Q25) and JM highlighted that

they "still intend to start production on more residential units in 2026 than in the previous year".

Sweden. JM reported 275 home sales in Q2 (vs. 391 in 1Q26, 155 in 2Q25), and starts were at

294 (vs. 118 in 1Q26, 282 in 2Q25). JM highlighted: "Average prices on the existing home market

continued to rise, driven by stronger disposable income among households and the effects of new

amortization rules". Outside of Stockholm, Sweden showed similar trends as "average prices on

the existing home market increased in all submarkets", with JM recording 305 home sales in Q2

(vs. 169 in 1Q26, 99 in 2Q25), and 236 starts (vs. 65 in 1Q26, 365 in 2Q25).

Norway. In Norway, sales of new resi units "remained at historically low levels".